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SSSSS [86.1K]
3 years ago
14

Guadalupe’s credit card has an APR of 23%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the

month after the first purchase. Her credit card record for the last 7 months is shown in the table below. How are finance charges calculated?
Business
2 answers:
hoa [83]3 years ago
8 0

Answer:

Attached

Explanation:

This question doesn’t seem to be complete however I’ll try to answer it to the best of my knowledge.

APR refers to the Annual Percentage Rate. APR is applied on whatever money is borrowed from a Credit Card and then the monthly interest is calculated. Minimum Payment is the minimum amount that needs to be paid from the total amount outstanding in order to avoid penalty being charged on the sum borrowed.  

Let me show you an example to demonstrate the concept which will be applicable in almost every scenario:

Month  Sum Borrowed   Outstanding   Interest   Minimum Payment  

1  $3,000.00    

2  $4,500.00   $3,000.00   $57.50   $60.00  

3  $5,600.00   $4,500.00   $86.25   $90.00  

4  $8,000.00   $5,600.00   $107.33   $112.00  

5  $9,000.00   $8,000.00   $153.33   $160.00  

6  $1,000.00   $9,000.00   $172.50   $180.00  

7  $2,800.00   $1,000.00   $19.17   $20.00  

   

*Assume the Limit of Credit Card to be $ 10,000    

*Example of Interest Calculation in Month 2 - ($3000*0.23)/(12)    

*Example of Minimum Payment Calculation in Month 2 - ($3000*0.02)    

 

wlad13 [49]3 years ago
4 0
Interest*previous balance 
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A Coverdell Education Savings Account may be preferred to a Sec. 529 Education Savings Account under all of the following circum
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2 years ago
Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and fac
Nezavi [6.7K]

Answer:

Answer is explained in the explanation section below.

Explanation:

Solution:

a.

In part a, we need to find the following 3 requirements:

1. Direct Materials Price Variance

2. Direct Materials Quantity Variance

3. Total Direct Materials Cost Variance

Direct Materials Price Variance:

It can be calculated by using the following formula:

DMPV = AQ multiplied by (AP minus the SP)

Where,  

DMPV = Direct Materials Price Variance

AQ = Actual Quantity

AP = Actual Price

SP = Standard Price

We do have all the data, so just plug in the values into the above equation to get the DMPV.

AQ = 101,000

AP  = 6.50 USD

SP = 6.40 USD

So,

DMPV = 101,000 ( 6.50 - 6.40)

DMPV = 10,100 USD

Direct Materials Quantity Variance:

DMQV = SP ( AQ - SQ )

Where,

DMQV = Direct Materials Quantity Variance = ?

SP  = Standard Price  = 6.40 USD

AQ = Actual Quantity  = 101,000

SQ = Standard Quantity  = 100,000

Plugging in the values:

DMQV  = 6.40  ( 101,000 - 100,000)

DMQV = 6400 USD

Total Direct Materials Cost Variance:

DMCV = SMC - AMC

Where,

DMCV =  Direct Materials Cost Variance = ?

SMC = Standard Market Cost = 6.40 USD x 100,000

AMC = Actual market Cost = 6.50 USD x 101,000

DMCV = (6.40 USD x 100,000) - (6.50 USD x 101,000)

DMCV = 640,000 - 656,500

DMCV =  16,500 USD

b.

For part b, we need following particulars:

1. Direct Labor Rate Variance (DLRV)

2. Direct Labor Time Variance (DLTV)

3. Direct Labor Cost Variance  (DLCV)

Direct Labor Rate Variance (DLRV) :

DLRV = (ADLR - SDLR) x ADLH

Where,

ADLR  = Actual Direct Labor Rate = 15.40 USD

SDLR = Standard Direct Labor Rate = 15.75 USD

ADLH = Actual Direct Labor Hour = 2000

So,

DLRV = (ADLR - SDLR) x ADLH

DLRV =  (15.40 USD  - 15.75 USD  ) x 2000

DLRV = 700 USD

Direct Labor Time Variance (DLTV):

DLTV = ( ADLH - SDLH ) x SDLR

SDLH = Standard Direct Labor Hour = 2080

DLTV = ( 2000  - 2080 ) x 15.75 USD  

DLTV = 1260 USD

Direct Labor Cost Variance  (DLCV)

DLCV = SDLC - ADLC

SDLC = Standard Direct Labor Cost  

ADLC = Actual Direct Labor Cost

DLCV =  (1540 x 2000) - (15.75 x 2080)

DLCV = 1960 USD

c.

For Part c, we need following:

1. variable factory overhead controllable variance (VFOCV)

2. fixed factory overhead volume variance (FFOVV)

3. Total factory overhead cost variance (TFOCV)

variable factory overhead controllable variance (VFOCV):

VFOCV =  AFO - B

Where,

AFO = Actual Factory Overhead  = 8200

B = Budgeted Allowance Based on Standard Hours Allowed = 4160x0.5x4

B = 8320 USD

VFOCV =  8200 - 8320  

VFOCV =   120 USD

fixed factory overhead volume variance (FFOVV) :

FFOVV = (S - BH ) x SOR

Where,

S = Standard Hours for actual output = 4160 x 0.5

BH = Budgeted Hours = 2080

SOR = Standard Overhead Rate = 6 USD

FFOVV = (4160 x 0.5  - 2080) x 6

FFOVV =  0 USD

Total factory overhead cost variance (TFOCV):

TFOCV = AFO - SO

Where,

AFO = Actual Factory Overhead = 20,200

SO = Standard Overhead = 2080 x 10

TFOCV =  20,200 - ( 2080 x 10  )

TFOCV =  600 USD

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Answer:

Explanation:

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